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Moody's rates Bank of Montreal preferreds Baa3
Moody's Investors Service said it assigned a rating of Baa3 (hyb) to Bank of Montreal's (Aa3 stable, C+/a2 stable) C$300 million basel III compliant NVCC noncumulative five-year rate reset class preferred shares, series 27.
Proceeds will be used for general corporate purposes.
The rating is positioned four notches below the a2 adjusted baseline credit assessment of BMO, in line with Moody's standard notching guidance for contractual non-viability preferred securities. An additional notch is added relative to the notching for legacy Canadian noncumulative preferred shares (currently three notches below adjusted baseline credit assessment) to capture the potential uncertainty related to the timing of loss absorption.
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